The global smart home platforms market is estimated at US$ 20.5 Billion in 2021 and is projected to procure US$ 23.88 Billion by 2022. The market is anticipated to garner US$ 110 Billion by 2032 while recording a CAGR of 16.5% during the forecast period from 2022 to 2032. Expansion of the market can be attributed to the increasing internet penetration and rising number of smartphone users and rising standard of living across various developing countries.
Moreover, the growing adoption of technologies like Artificial intelligence, and IoT in homes to provide enhanced security and control of every home appliance at the tip is acting as a prominent aspect for augmented sales. There are various features associated with the use of a smart home platform; however, one of the truly impressive benefits is that it automatically foresees the behavior and needs of the users to provide them with pleasurable and enjoyable surroundings.
On the contrary, owing to the high cost of installation and the privacy concern linked with the smart appliances have certainly impacted the utility of smart home platforms in several parts of the globe. Although, key players are developing state-of-the-art technologies to make these systems secure and unhackable.
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Key Takeaways from the Market Study
· Smart home platforms for security and surveillance capture the largest share of 53.3%, growing at a CAGR of 16.7%
· IoT platforms for smart appliances to account for 65% revenue across the forecast period
· North America market is expected to secure US$ 24 Billion while expanding at a CAGR of 16.5%
· Asia Pacific to record a CAGR of 15.2% during the forecast period
· Global smart home platforms market to flourish 4.6x from 2022 to 2032
“Mushrooming demand for efficient household security systems and the convenience of all smart appliances at the remote has boosted the adoption of smart home platforms like Alexa across the globe,” remarks an FMI analyst.
Competitive Landscape
Key players in the global Smart Home Platforms market include Apple Inc., Google LLC, Cisco Systems, Inc., Resideo Technologies, Inc., Amazon.com, Inc.,
LG Electronics, Samsung Electronics Co. Ltd., Siemens AG, Robert Bosch Smart Home GmbH, General Electric Company. Some of the recent key developments among the players are:
· In June 2022, Samsung Electronics announced the global launch of SmartThings Home Life, offering consumers worldwide a more holistic smart home experience. Samsung’s SmartThings Home Life, introduced at this year’s Bespoke Home 2022, is launched in 97 countries.
· In January 2020, Apple, Google, Amazon, and the Zigbee Alliance have all teamed up to make a new smart home standard. The new working group went under the name of “project Connected Home over IP”.
· In February 2020, Cisco has announced its acquisition of Exablaze*, a privately held, Australia-based designer and manufacturer of advanced network devices.
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More Valuable Insights Available
FMI, in its new offering, presents an unbiased analysis of the global Smart Home Platforms market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights by Type (IoT Platform for Control & Connectivity Devices, IoT Platform for Security & Surveillance Systems and IoT Platform for Smart Appliances) & Region (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).
Key Segments Covered In The Smart Home Platforms Industry Survey
Smart Home Platforms Market by Type:
- IoT Platform for Control & Connectivity Devices
- IoT Platform for Security & Surveillance Systems
- IoT Platform for Smart Appliances
Smart Home Platforms Market by Region:
- North America Smart Home Platforms Market
- Latin America Smart Home Platforms Market
- Europe Smart Home Platforms Market
- Asia Pacific Smart Home Platforms Market
- The Middle East & Africa Smart Home Platforms Market
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